General Motors 2010 Annual Report Download - page 135

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Effect of 363 Sale Transaction and Application of Fresh-Start Reporting
The following table summarizes the adjustments to Old GM’s consolidated balance sheet as a result of the 363 Sale and the
application of fresh-start reporting and presents our consolidated balance sheet at July 10, 2009 (dollars in millions):
Predecessor
July 9, 2009
Reorganization
via 363 Sale
Adjustments
Fresh-Start
Reporting
Adjustments
Successor after
Reorganization via
363 Sale and Fresh-
Start Reporting
Adjustments
July 10, 2009
ASSETS
Current Assets
Cash and cash equivalents ...................................................... $ 19,054 $ (41) $ — $ 19,013
Marketable securities .......................................................... 139 — — 139
Total cash and marketable securities .............................................. 19,193 (41) — 19,152
Restricted cash and marketable securities ........................................... 20,290 (1,175) — 19,115
Accounts and notes receivable, net ................................................ 8,396 3,859 (79) 12,176
Inventories ................................................................... 9,802 (140) (66) 9,596
Equipment on operating leases, net ............................................... 3,754 2 90 3,846
Other current assets and deferred income taxes ...................................... 1,874 75 69 2,018
Total current assets ............................................................ 63,309 2,580 14 65,903
Non-Current Assets
Restricted cash and marketable securities ........................................... 1,401 (144) — 1,257
Equity in net assets of non consolidated affiliates .................................... 1,972 4 3,822 5,798
Equipment on operating leases, net ............................................... 23 — 3 26
Property, net ................................................................. 36,216 (137) (17,579) 18,500
Goodwill .................................................................... — — 30,464 30,464
Intangible assets, net ........................................................... 210 — 15,864 16,074
Deferred income taxes ......................................................... 79 550 43 672
Prepaid pension ............................................................... 121 — (24) 97
Other assets .................................................................. 1,244 (12) 1,946 3,178
Total non-current assets ........................................................ 41,266 261 34,539 76,066
Total Assets ................................................................... $104,575 $ 2,841 $ 34,553 $141,969
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities
Accounts payable (principally trade) .............................................. $ 13,067 $ (42) $ 42 $ 13,067
Short-term debt and current portion of long-term debt ................................. 43,412 (30,179) (56) 13,177
Postretirement benefits other than pensions ......................................... 187 1,645 124 1,956
Accrued liabilities ............................................................. 25,607 (81) (1,132) 24,394
Total current liabilities ......................................................... 82,273 (28,657) (1,022) 52,594
Non-Current Liabilities
Long-term debt ............................................................... 4,982 (977) (1,488) 2,517
Postretirement benefits other than pensions ......................................... 3,954 14,137 310 18,401
Pensions .................................................................... 15,434 14,432 2,113 31,979
Liabilities subject to compromise ................................................. 92,611 (92,611) — —
Other liabilities and deferred income taxes .......................................... 14,449 278 811 15,538
Total non-current liabilities ...................................................... 131,430 (64,741) 1,746 68,435
Total Liabilities ................................................................ 213,703 (93,398) 724 121,029
Preferred stock ................................................................. — 1,741 — 1,741
Equity (Deficit)
Old GM
Preferred stock ............................................................... — — — —
Preference stock .............................................................. — — — —
Common stock ............................................................... 1,018 — (1,018) —
Capital surplus (principally additional paid-in capital) ................................. 16,494 — (16,494) —
General Motors Company
Common stock ............................................................... — 12 — 12
Capital surplus (principally additional paid-in capital) ................................. — 18,779 — 18,779
Retained earnings (Accumulated deficit) ............................................. (91,602) 63,492 28,110 —
Accumulated other comprehensive income (loss) ...................................... (35,370) 12,295 23,075 —
Total stockholders’ equity (deficit) .................................................. (109,460) 94,578 33,673 18,791
Noncontrolling interests .......................................................... 332 (80) 156 408
Total equity (deficit) ............................................................. (109,128) 94,498 33,829 19,199
Total Liabilities and Equity (Deficit) .............................................. $104,575 $ 2,841 $ 34,553 $141,969
General Motors Company 2010 Annual Report 133